Are you going to be a First Time Buyer in 2026?

With mortgage rates gradually coming down, some people will be starting the New Year eyeing up their local property market and considering whether they can get a foot on the property ladder for the first time in 2026. If this applies to you, there are many things to consider. Below are a few of the key ones.

Freehold or leasehold?

Are the properties you are considering freehold or leasehold, and are you clear on the implications? If you are considering a freehold property then your key considerations may be around boundaries, previous planning permissions and so on. With a leasehold property your focus is more likely to be on any restrictions that come with the lease, the length of the lease or the ability to extend it, and service charges that may be payable to the freeholder.

Funding your purchase

You will undoubtedly have worked out how much you can afford to pay for a property and know where the funds are coming from. Assuming you need to obtain a mortgage, it is generally worth obtaining a mortgage in principle before you make an offer on a property. If any of the funds you are using for your deposit are being gifted to you, then your donor will need to be able to prove where the funds are coming from and be prepared to say that they are an outright gift with no ‘reservation of benefit’. There are additional considerations if you are considering a shared ownership property.

Protecting your share

If you are buying property jointly with a partner or friend and are receiving gifted funds, for example, from a parent, then you may also wish to consider how to protect the share that was gifted to you. The easiest way to do this may be through a document called a Declaration of Trust. Our property lawyers can explain this in more detail. Once you are a full or part owner in a property, you should make a Will if you do not already have one. Failing this, at very least and only if you have no dependants, you should consider whether the intestacy rules would mean that your property would be treated as you would wish if anything were to happen to you unexpectedly.

Choosing your conveyancing lawyer

If you are buying a new-build property then you will probably be encouraged to use a particular lawyer with whom the developer has an established relationship and who is familiar with all the details of the properties or plots that are being sold.

If, however, your first purchase is an older property then making sure you have a specialist conveyancing lawyer who is familiar with your geographical area, and potentially already has a good working relationship with your estate agent and/or the seller’s lawyers, can help to ensure the process is as stress-free as possible.

There is a whole raft of other possible considerations. A few people choose to purchase their first property via auction, and there are various hoops to go through if you wish to do this. Occasionally, a first purchase is made on behalf of a student by their parents and rooms in the house are then rented out to other students; this scenario comes with a whole host of matters to consider around ownership, rental contracts and obligations.

There are very few completely straightforward property transactions but that doesn’t alter the fact that home ownership is a goal, and exciting step, for many people. If this is going to be a major move for you this year, and you would like to know that you have experienced local property lawyers working with you on your transaction, please do get in touch.

How To Contact Us:

To contact a member of our team, you can fill in our online enquiry form, email info@fraserdawbarns.com, or call your nearest office below. If you’d like to speak to a member of our team at one of our offices across Norfolk and Cambridgeshire, visit our offices page.

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This article aims to supply general information, but it is not intended to constitute advice. Every effort is made to ensure that the law referred to is correct at the date of publication and to avoid any statement which may mislead. However, no duty of care is assumed to any person and no liability is accepted for any omission or inaccuracy. Always seek advice specific to your own circumstances. Fraser Dawbarns LLP is always happy to provide such advice.